Fast and quick information for small entrepreneurs who are frustrated by understanding the business, financial, tax and back-end of their business. This course will give you understanding of the following concepts:

  • Basic business concepts, such as sole proprietor, incorporation, partnerships
  • First steps to take when you go into business for yourself
  • How to understand the amount of tax that you will pay, and how to prepare for it
  • How to figure out the Canada Revenue Agency and their jargon
  • How to start payroll, when can you pay workers as a subcontractor?
  • Making a decision on a bookkeeper or an accountant
  • Easily reading financial statements (profit & loss and balance sheets)
  • How to figure out how to pay yourself, and the consequences of the different types of payments.

Here is how the exact modules lay out:

Module 1: We discuss what it means to "be in business" and when to recognize that you are in business. What rules change for you, and how does it affect you overall?

Module 2: In this lesson, we will teach you about the concepts and fundamentals about the three main business styles which are sole proprietor, partnership, and incorporated.

Module 3: This chapter will talk about the first steps you should be taking once you decide to go into business.

Module 4: You don't need to be able to calculate your personal taxes, but you should have an understanding of how they should work.

Module 5: We discuss what you will owe to CRA, and why you owe it. We will discuss the different types of tax and the rules around payment of that tax.

Module 6: This chapter will show you how payroll works, what are your obligations, and what the difference are between subcontractors and employees.

Module 7: This chapter walks you through the role of the accountant, and of the bookkeeper, and it also will help you understand how to make the right choice.

Module 8: This chapter will give you a lot of insight on the almighty Write-Off, and help you understand what you can use as a deduction in your business.

Module 9: In this chapter, we have broken down some of the financial concepts into simple English so that it is easy to understand.

Module 10: At some point, you have to get your bookkeeping done. This module will teach you the different methods and how they apply to your books.

Module 11: The financial statements, although confusing for some, actually help you understand what is happening in your business and how to know how much tax you are going to pay.

Module 12: This chapter explains the different ways to take your money out of the company. From T4 and payroll to T5 and dividends, we have the simple explanation for you.

Bonus modules:

  • How to fill out a GST return
  • How to setup your account with Canada Revenue Agency
  • How to setup your account with Service Canada
  • Calculating your CRA obligations




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